SBO Reports High Cash Flow Amidst Lower Earnings, Progresses Strategic Expansion

Schoeller-Bleckmann Oilfield Equipment AG (SBO) has announced a notable free cash flow of MEUR 27.7 in H1 2024, despite a decrease in earnings. Sales for the period reached MEUR 288.1, almost matching the record levels of 2023. Group EBIT fell to MEUR 36.6, significantly lower than last year’s MEUR 55.4 due to challenges in the Oilfield Equipment (OE) division.

Quarterly bookings displayed a positive trend, increasing by 1.7% in Q1 and 9.6% in Q2. The Advanced Manufacturing & Services (AMS) division continued to perform well, with EBIT showing improvement. However, the OE segment faced hurdles, particularly in the US market.

SBO's strategic expansion into growth regions, notably the Middle East and Latin America, has borne fruit with an expanded customer base. Despite the earnings shortfall, the company's solid balance sheet and high cash flow position it well for future investments.